CBRE’s “Triple-A” Acquisition Financing
Aron Will, Austin Sacco and Adam Mincberg of CBRE helped arrange acquisition financing on behalf of Angelo Gordon & Co. and Auctus Capital Partners to purchase an assisted living/memory care community in Oakland, California. Located in the affluent submarket of Rockridge, this 148-unit community was originally built in 1981 but recently underwent two multimillion-dollar renovations which have made it a top competitor in the area. The first renovation in 2013 converted 30 assisted living units into a dedicated memory care wing, and the second renovation in 2016 (at $4.8 million) saw updates made to the interior and exterior common areas, amenities, units and landscaping. On top of that,... Read More »
Mainstay Senior Living Expands North Georgia Presence
The original developer of a senior living community in Lawrenceville, Georgia was looking to move on to other development opportunities in North Georgia and hired Brad Clousing of Senior Living Investment Brokerage to exit the asset. Built in stages in 1992, 1996 and 2006, the community consists of two buildings, one of which has 32 units each of assisted living and memory care and one that contains 61 independent living units. Also, between 2012 and 2013, it underwent a $1.0 million renovation that saw the addition of a new roof, entertainment room, gutters, updated landscaping, lighting and windows. Its license was updated from a personal care one to assisted living, too. Occupancy was... Read More »Recent Senior Care M&A Deals, Week Ending January 18, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Mainstay Senior LivingAshton Senior Living$15.75 million National Health Investors, Inc.Wingate at Silver Lake$50.3 million Agemark Acquisition, LLCWestminster Cullman & Westminster Decatur$14.5 million Partnership buyerChapel Hill & Smithfield... Read More »
Berkadia Finds a Way in Federal Way
Tim Cobb of Berkadia Senior Housing Investment Sales sold an assisted living/memory care community in Federal Way, Washington, working on behalf of the seller, Columbia Pacific Advisors. Built in 1997, the target comprises 87 units and 104 beds. It will be taken over by a joint venture involving Harrison Street Real Estate Capital and Gencare PMB. The latter is a new partnership between Gencare Lifestyle (founded by co-founder of Merrill Gardens, Leon Grundstein) and Pacific Medical Buildings (a medical office building developer based in San Diego). PMB had an existing relationship with Harrison Street, which provided 90% of the equity for both the Federal Way acquisition and a new... Read More »
REIT Buys Boston Senior Care Property
National Health Investors picked up a senior care campus outside of Boston, Massachusetts for a purchase price over $50 million. The REIT also immediately leased it back to the previous operator, Wingate Healthcare, for a 10-year term with three 5-year renewal options and an initial annual lease rate of 7.5% plus annual fixed escalators. Located in Kingston, this campus features three separate buildings with 34 independent living units, 69 assisted living units and 164 skilled nursing beds. Funding the acquisition with a draw on its revolving credit facility, NHI plans to spend up to $1.9 million in capital improvements over the next two years, which will be added to the lease... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
